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A buyer’s payment instalments are at risk under a shipbuilding contract until the shipyard delivers the ship. To safeguard against the risk of the shipyard defaulting or becoming insolvent it is common practice to cover this risk with a refund guarantee issued by a bank. BIMCO’s Documentary Committee has adopted a clearly worded standalone refund guarantee that will assist parties in their shipbuilding projects.
BIMCO’s Documentary Committee has adopted a standard electronic signature clause that allows parties to safely use electronic signatures in their contractual arrangements.
The handy guide contains explanatory notes to all of BIMCO’s current standard ship management contracts.
The latest editions of TOWCON, TOWHIRE and BARGEHIRE are now available on SmartCon.
TOWCON is an ocean towage agreement on a lump sum basis. It is not intended for use in port towing. The latest edition of this contract is TOWCON 2021. Copyright in TOWCON 2021 is held by BIMCO.
TOWHIRE is an ocean towage agreement on a daily hire basis. It is not intended for use in port towing. The latest edition of this contract is TOWHIRE 2021. Copyright in TOWHIRE 2021 is held by BIMCO.
ASVTIME, the new time charter party for accommodation support vessels, was recently adopted by BIMCO’s Documentary Committee and is now available for use in SmartCon.
Much of the shipping industry relies on BIMCO standard contracts. The contracts provide a familiar and secure contractual base on which parties can freely negotiate. However, the trust in the standard forms is undermined by fake copies that contain errors or even deliberately hidden changes to the wording. BIMCO wants your help to combat the industry’s often unknowing use of counterfeit copies of BIMCO forms.